HONG KONG VETERANS' COMMEMORATIVE ASSOCIATION
POLICY & PROCEDURES MANUAL
Date:
May 30, 2004
Control:
Finance 003
Title:
Control & Reporting of Charitable Donations
Purpose:
To record, control, and report on funds for which Charitable Donation
receipts are issued.
Definitions:
Charitable Donations:
All monies donated are for Canada Revenue Agency approved projects.
Currently approved projects are:
HKVA Monument Badges (Grave Markers)
Wreaths for Deceased Veterans
National Memorial for those that fought the battle of Hong Kong
Public education activities
November 11th and V-J Day activities
Public addresses in High Schools and other public forums
Publications (historical re Hong Kong “event” & time spent in POW camps)
Newsletters
Web page operation
Gifts to qualified donees
Bay Chaleur museum
Project Descriptions:
Regular Projects—Those projects that take place in the short term and for which
the donation can be applied within one year.
Long Term Projects—Those projects where fund raising will take place over a
longer period of time and donations will be applied over a year from the time of receipt.
All new projects at BOTH the Corporate and Regional level must be submitted to
CRA through the Corporate Treasurer.
Revised - 2/6/2016
CRA Requirements:
Receipts:
these must be printed and controlled at the Corporate level.
The project for which the donation was made must be printed on the receipt
only if the donor has specified a project. This also applies to all long term
projects
Reports:
one Corporate level report to be completed by May 31st each year.
special form to be used
must be accompanied by Audit letter
Funds:
for regular projects, funds must be allocated and disbursed within the year
following receipt of the donation.
funds may be accumulated over a longer period of time for specific projects
which have been approved by CRA (Long Term Projects)
Failure to comply with these requirements will result in the loss of the Charitable
Organization status.
Receipt Issuance Options:
The receipt may be issued at both Corporate and Regional levels, depending upon
whether the donor is contributing to a Corporate or Regional project.
Should the donation be submitted for Regional projects, the choice of whether the receipt
is issued at the Corporate level or from the Region is left to the individual Region.
Receipt issued by Region:
Procedure:
1.
The Region will supply the name(s) of the individual(s) assigned to issue the
receipts. The limit is two per Region. This will be in written format with
sample signatures of the individuals enclosed.
2.
The Corporate Treasurer will have receipt books printed.
3.
The Corporate Treasurer will submit the names of the individuals to CRA, and
once authorization is obtained, receipts book(s) will be forwarded to the
Region.
4.
The Region will maintain a separate accounting of these donations and the
associated expenditures. This is to be submitted to the Corporate Treasurer
annually no later than January 31st of the following year.
5.
The Region will submit along with the financial report, a copy of the year-end
bank statement.
6.
The Corporate Treasurer will complete the annual form(s) required by CRA
and submit these before May 31st the following year.
Revised - 2/6/2016
Approval:
President:
_________________________
Carol Hadley
Date: __________________________
Corporate Secretary: ______________________
Lucette Mailloux-Muir
Date: _______________________________
Revised - 2/6/2016